QuestCap Announces Letter of Intent to Acquire 100% of Las Vegas based Collection Sites, LLC
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Aug. 11, 2020 (GLOBE NEWSWIRE) — QuestCap Inc. (“QuestCap”) (CSE:QSC; FRA:34C1) is pleased to announce that it has entered into a binding Letter of Intent (LOI) to acquire 100% of Las Vegas based Collection Sites, LLC. for 20 million shares of QuestCap Inc. with an ascribed value of C$0.15 per common share, subject to due diligence, entering into of a definitive agreement and customary closing conditions. No finders’ fees were paid in relation to this transaction.Collection Sites, LLC has launched COVID-19 testing services in conjunction with Alcala Testing and Analysis Services, a CLIA registered high complexity laboratory based in San Diego, California. Alcala is a recognized expert leader in rapid COVID-19 laboratory testing.“Now is the time to broaden the testing environment so everyone has access to accurate and affordable testing sites so they can live, lead and return to work with confidence,” says Mr. Tim Shelburn, CEO of Collection Sites, LLC. “We are pleased to collaborate with our laboratory partner, Alcala, to establish pop-up testing centers across America. We endeavour to establish standards and protocols so all people can test before they go to work, school or socialize” says Mr. Shelburn.These new testing centers will offer convenient access to antibody and antigen testing with insurance coverage options. Appointments and payments will be handled through an online portal www.testbeforeyougo.com to limit contact points at the centers. “The centres will offer COVID-19 FDA Emergency Use Authorization Antigen and Antibody tests. We are focused on convenient, multi-city locations that are easy to access and testing modalities that are quick and unobtrusive” says Mr. Doug Sommerville, CEO of QuestCap who is overseeing the development of the strategy.The first phase of testing is the establishment of 11 pop-up labs, also known as ‘draw centres’, that can together administer 5,500 tests per day, with a capacity to analyze 154,000 tests a month. The first site opened for business in Las Vegas on August 8, 2020. Additional locations are expected to open throughout Las Vegas, as well as Arizona, Texas and Indiana within the next couple of weeks. The draw centres will be located in malls, retail centers, fitness facilities, pharmacies, stadiums, on-site in small businesses, real estate offices, law firms and schools. The second phase, expected to launch in fall 2020, will include mobile pop-up labs to provide access to those without transportation or unable to travel.The antibody and antigen tests take 8-10 minutes to administer and return same-day certified lab results. The results can be communicated via text or email, and can be accompanied with a certificate of good health via a proprietary HIPPA-compliant Alcala iPhone and Android applications.The network of pop-up labs will be utilizing proprietary Glenco standards and protocols for testing individuals developed by Dr. Glenn Copeland, of Glenco Medical, a company which QuestCap owns a 30% interest. Dr. Copeland also serves, as Director, Chairman and Chief Executive Officer of Glenco Medical. The Standard comprises medical screening protocols for individual health safety. The screenings will incorporate temperature and symptom checks in addition to serology testing for COVID19 antibodies.“We appreciate the bold and courageous direction the team is taking in Las Vegas,” says Dr. Copeland. “We are determined and committed to ensuring the testing protocols for the labs are available to companies, businesses and centres of industry to restore reality for Las Vegas responsibly,” continues Dr. Copeland.For more information about the pop-up lab, the available sites and services visit: www.testbeforeyougo.comAbout QuestCap Inc.
QuestCap Inc. (CSE:QSC; FRA:34C1) is a social-impact investment company. It seeks, secures and funds recognized sciences, technologies, and solutions that impact our global community today.The QuestCap executive team is complemented by a panel of global advisors that provide expertise across industries and geographies. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopedic treatment, foot and ankle care, and sports medicine.QuestCap provides financing for a diverse range of entities in exchange for pre-determined royalties or distributions, or acquires all or part of one or more businesses, portfolios or other assets.For additional information, please contact:Doug Sommerville, CEO
416-301-5418For US media enquires please contact:
+1-508-643-8000Cautionary Note Regarding Forward-looking InformationThis press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the proposal to acquire Collection Sites LLC, the projected testing and revenue to be earned by Collection Sites LLC; the pursuit by QuestCap of investment opportunities; and the merits or potential returns of any such investments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.